The latest news and information regarding St. Louis car accidents. Car accident attorney Christopher Hoffmann provides useful tips on what to do if you are involved a Missouri auto accident and how you can work to prevent such accidents from happening.

12/22/2016

Income Loss & Lost Earning Potential - St. Louis Car Injury Lawyers

Can I recover income loss and loss of earning potential after a car accident?

If you have been injured in a car accident in Missouri, you may have determined what your vehicle was worth, whether or not it can repaired, and what the costs will be. You may have also assessed your physical injuries and have an idea of how long it is going to take to recover, what treatment you will need, and around how much will it cost. However, like most other car accident victims, you may still be wondering what your lost wages and even the future earning capacity are worth to the other party’s insurer.

If your injuries prevent you from working during the recovery period or if they keep you from returning to your previous job, you should understand how your wage and earning potential loss are valued and compensated.

Present wage loss

If you are unable to work for a certain period of time due to medical restrictions, hospitalization, or rehabilitation after a car accident, you have immediate wage loss to struggle with. If you are able to provide evidence of the missed work days, the cause of the time off work and usual weekly wages, these losses can be compensated by the responsible driver’s insurance company.

In most cases, simple evidence such as recent tax forms, proof of income from employer, and check stubs can be enough. However, if you are independent contractor or a business owner, wage loss is often hard to prove. In this case, you may use your taxes or seek help from your lawyer to estimate your income.

Loss of income and earning capacity

A car accident victim can seek compensation for lost wages and loss of future earning capacity as well. A victim can also seek compensation if the injuries resulted in long term disability or they prevent you from returning to your previous job. This happens more commonly in cases where the employer required the victim to perform physical activities that they are now unable to resume after an accident. However, it is often difficult to prove these loss and may require evidence from doctors and other experts.

How can a St. Louis car wreck lawyer help?

A St. Louis car injury lawyer can make it easy to prove the losses and establish liability. This is particularly true when the victim wants to recover compensation for wage loss and loss of future income potential after a car crash. Oftentimes, the insurance companies try to deny liability or decrease the value of the claim. Getting them to pay for lost wages, and especially loss of income potential, can be even more difficult. This is where the experience of a competent and experienced personal injury attorney can make all the difference. An experienced lawyer can ensure that your present and future losses are taken into consideration while pursuing your claim for full compensation.

To speak with a car accident lawyer at The Hoffmann Law Firm, L.L.C. in St. Louis, MO call (314) 361-4242 and schedule a free consultation.